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Qualcomm Jumps on Q4 Results

Shares of semiconductor manufacturer Qualcomm (NASDAQ: QCOM) surged on Wednesday after the company reported solid results for its fiscal fourth quarter. During the regular trading session, the stock lost nearly 4 percent amid a broad market decline. However, in the after hours, QCOM was up more than 7 percent to $62.44.

The company said that for the current fiscal first quarter it expects non-GAAP earnings per share to come in between $1.08 and $1.16 on revenue of $5.6 billion to $6.1 billion. This is well ahead of current consensus calling for EPS of $1.00 on revenue of $5.29 billion.

For the fourth quarter, Qualcomm reported non-GAAP net income of $1.547 billion or $0.89 per share, compared to $1.372 billion or $0.80 per share, in the year ago period. This came in ahead of Wall Street consensus EPS estimates of $0.82.

Total revenue in the period was $4.871 billion versus $4.117 billion last year. This also easily exceeded Street consensus of $4.67 billion.